On December 9, 2009, Bank of America sent the U.S. Treasury $45 billion to repay the U.S. taxpayers' entire investment in the company as part of the Troubled Asset Relief Program (TARP). Repayment followed the successful completion of a securities offering. The company sold 1.286 billion common equivalent securities, generating gross proceeds of approximately $19.29 billion. The offering was priced at $15.00 per common equivalent security and its proceeds, along with existing corporate funds, were used to repurchase all the preferred stock issued to the U.S. Department of the Treasury. The company also paid the government $190 million in accrued dividends on the repurchased preferred securities. In repaying TARP, Bank of America today repurchased all 600,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series N; all 400,000 shares of its Series Q; and all 800,000 shares of its Series R. The U.S. Treasury continues to hold warrants to buy Bank of America common stock issued as part of the TARP investments.